The first entirely digital bank has been launched in Mexico by Grupo Financiero Banorte.
Bineo is the only Mexican digital bank operating with its own Multiple Banking Institution license, granted by the National Banking and Securities Commission – known as CNBV in Spanish – and endorsed by the Mexican Institute for the Protection of Bank Savings.
The license guarantees the protection of users’ savings up to 400,000 UDIS (investment units), equivalent to more than three million Mexican pesos (MXN).
In its launch phase, Bineo will offer ‘Total’ and ‘Light’ accounts, and the ‘bineo Loan’ to individuals.
“The launch of bineo is a great milestone in the history of Grupo Financiero Banorte that will allow us to meet all needs: those who prefer a human-digital combination and those who seek 100% digital banking, with the financial security that has always characterised the institution,” said Carlos Hank González, chair of the board of Grupo Financiero Banorte.
Customers with the ‘bineo Total Account’ will have unlimited deposits, while those with the ‘bineo Light Account’ will have deposits that are limited to 3,000 UDIS per month, which is equivalent to approximately 24,000 MXN.
Both account types will offer customers access to ‘bineo pockets’, where they can allocate part of their savings to meet specific goals.
The digital bank will issue a digital debit card for account holders to pay for online purchases, and also a physical card made from biodegradable materials, which will be “infoless” – printed without a card number or CVC.
Víctor Moya, chief executive officer of Bineo, added: “We think in a different way of managing finances, where personalisation is the heart of what we do.
“Bineo will offer new products and services based on customer needs so as not to confine them to a product designed by us.”
Customers can apply for the ‘bineo Loan’ online, without the need to visit a branch, with loan amounts ranging from $5,000 MXN to $200,000 MXN, with repayment periods of between six and 24 months.
Francisco Martha, chief executive officer of digital business development at Grupo Financiero Banorte, said: “At Bineo, we understand the context and preferences of users.
“We use artificial intelligence to offer innovative and customisable products and functionalities that adapt to their needs and lifestyle. In addition, Bineo uses cutting-edge technology to provide the highest levels of security and attention.”